SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

February 10, 2016 13:13 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in KLX Inc. to Contact the Firm Before Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - February 10, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in KLX Inc. ("KLX" or the "Company") (NASDAQ: KLXI) of the March 7, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased KLX securities between March 9, 2015 and November 11, 2015 (the "Class Period"). The case, Mordy v. KLX Inc. et al, Docket No. 9:16-cv-80023 was filed on January 6, 2016, and has been assigned to Judge Robin L. Rosenberg.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the value of the KLX's identifiable intangible assets and goodwill associated with KLX's Energy Services Group ("ESG"), as well as its policies and methodology related to the calculation of risk, goodwill, and asset impairment. Specifically, on November 12, 2015, KLX announced that it would have to recognize an impairment charge of approximately $435 million related to ESG which would financially impact the current and future prospects of the company.

After the announcement, KLX's share price fell from $39.00 per share on November 11, 2015 to a closing price of $32.11 on November 12, 2015 -- a $6.89 or a 17.67% drop.

Request more information now by clicking here: www.faruqilaw.com/KLXI. There is no cost or obligation to you.

Take Action

If you invested in KLX securities between March 9, 2015 and November 11, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/KLXI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding KLX's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    685 Third Avenue, 26th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
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    Telephone: (877) 247-4292 or (212) 983-9330